Excerpt: Two weeks ago Morningstar published its 2010 Target Date Fund Survey. In the survey Morningstar compared the performance of 'open' and 'closed' fund series and drew the conclusion that neither had a distinct performance advantage. This conclusion is not particularly surprising given relatively few funds have long enough return histories to do a complete analysis. However, what was surprising was what Morningstar omitted from the report, and in particular three major differences between 'open' and 'closed' funds that we think paint a very clear picture of why the differences between open and closed funds are significant.  MORE >>